Greek refiners Helpe post EUR 150m net income in 2009

(ATHENS) - Top Greek refiners Hellenic Petroleum (Helpe) on Thursday announced a full-year adjusted net income of 150 million euros (203 million dollars) in 2009, a 27-percent fall from 2008 results.

The state-controlled company's net sales in 2009 plunged to 6.76 billion compared to 9.95 billion a year earlier.

Adjusted to remove inventory effects and other non-operating items, earnings before interest, tax, depreciation and amortisation (EBITDA) also fell from 459 million euros to 362 million euros.

In the fourth quarter, the company posted a net adjusted income loss of 37 million euros. It had a net profit of 34 million in the same period last year.

Fourth-quarter net sales fell slightly from 1.97 billion to 1.83 billion. But EBITDA collapsed from 133 million last year to a mere 31 million in 2009.

"The global and local environment remains tough. Refining was particularly hit in the third and fourth quarter of 2009, when refining margins reaching their lowest levels in a decade and demand declined, affecting our performance as well as the performance of the industry," Helpe CEO John Costopoulos said.

"However, operating profitability in comparison to industry conditions both globally and in Greece was satisfactory, due to continuous efforts to raise the performance of all Group activities," Costopoulos said in a statement.

The group is active in hydrocarbon prospecting and exploitation in Egypt and also has a retail presence in the Balkans, Georgia and Cyprus.